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. >> here's what you do if you're hsbc. you go down to the drug companies and say we're open for business. we make a lot of money doing this and if we get caught, we only give back a little bit to the government and maybe a little bit of our bonuses but maybe not. but if they catch you on the street with a little reefer in your pocket, you go to jail. this justice department, failure top to bottom. lenny brewer, the assistant in charge of the criminal division, horrendous. should be gone tomorrow. gone to really. >> cenk: preach it, brother. >> i am south raged. there you have it. >> cenk: i love that. we're going to come right back >> cenk: every night we ask you to guess the elbow of the day. victor wrote in oh, please, let it be joe lieberman. it is joe lieberman. he is leaving the senate and gave his farewell speech today. look at the pathetic level of disinterest in the senate. look at the first shot as you watch his speech and how there's almost no one there. >> today i regret to say as i leave the senate that the gre
. >> here's what you do if you're hsbc. you go down to the drug companies and say we're open for business. we make a lot of money doing this and if we get caught, we only give back a little bit to the government and maybe a little bit of our bonuses but maybe not. but if they catch you on the street with a little reefer in your pocket, you go to jail. this justice department, failure top to bottom. lenny brewer, the assistant in charge of the criminal division, horrendous. should be gone...
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what's your reaction to the hsbc thing? >> i've been waiting all day to ask you what you think. >> eliot: i just told you. >> as the prosecutor, even people on wall street were blown away by the result of this because you know, the decision to not prosecute in this instance belies everything that the government has ever done with regard to drug prosecutions everywhere. when you think about the way they behave toward ordinary people who get caught up in drug cases where they seize all of your property and they use absolutely the maximum sentence possibly available. a bank launders billions of dollars for colombian and drug cartels and terrorists for years on end and they can't find something to charge them with? >> eliot: they chose not to because it is no longer that they're too big to fail. which we already know. they're too big to indict. too big to prosecute. they're so big -- which we already know. >> but what's so amazing about that is that's exactly the same behavior that hsbc is charged with. taking money to look the
what's your reaction to the hsbc thing? >> i've been waiting all day to ask you what you think. >> eliot: i just told you. >> as the prosecutor, even people on wall street were blown away by the result of this because you know, the decision to not prosecute in this instance belies everything that the government has ever done with regard to drug prosecutions everywhere. when you think about the way they behave toward ordinary people who get caught up in drug cases where they...
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Dec 13, 2012
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, tonight you meet the former employee who tried to stop hsbc's illegal contract. for an exclusive interview. lou: hsbc facing more legal problems, a whistle-blower who worked as a former vice president, and senior business manager is suing the largest bank. second largest in world for $10 million, john cruz, said he was wrongfully terminated after he reported on suspected fraudulent accounts used for money laundering in 2009. yesterday, hsbc agreed to pay $1.9 billion fine for transferring billions of dollars for nations including iran, and enabling mexican drug cartels to move their money illegally, to put the fine in perspective, hsbc made 16.8 billion in profits last yyar, joining us now ision cruz, thank you. for joining us. i want to turn to the fine, and we find out from lanny breuer. the assistance attorney general, that there will be no individual prosecutions even though they have the evidence of all of this wrong doing, and working hsbc with terrorists, nations sponsors terrorists, and the mexican drug cartels, your reaction? >> i think this is wrong. i
, tonight you meet the former employee who tried to stop hsbc's illegal contract. for an exclusive interview. lou: hsbc facing more legal problems, a whistle-blower who worked as a former vice president, and senior business manager is suing the largest bank. second largest in world for $10 million, john cruz, said he was wrongfully terminated after he reported on suspected fraudulent accounts used for money laundering in 2009. yesterday, hsbc agreed to pay $1.9 billion fine for transferring...
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, tonight you etet the former employee who tried to stop hsbc's illegal contract. contract. for an exclusive you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. you know, from our 4,000 television commercials. yep, there i am with flo. hoo-hoo! watch it! [chuckles] anyhoo, 3 million people switched to me last year, saving an average of $475. yeah, i'm kind of a big deal. [sigh] it feels good to help people save... with great discounts like safe driver, multicar, and multipolicy. 731, 732... you want my number, don't you? call 1-800-progressive right now. or visit progressive.com for an extra $50 online savings. thsty? 'cause i got a six-pack right here. oh, yeah... [voice shaking] you don't even have to wait for your policy to expire to switch. oh, svetlana, that's so good! and, with every policy, you get great service. a-down the hizz-atch. [slurp!] so call me
, tonight you etet the former employee who tried to stop hsbc's illegal contract. contract. for an exclusive you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. you know, from our 4,000 television commercials. yep, there i am with flo. hoo-hoo! watch it! [chuckles] anyhoo, 3 million people...
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Dec 14, 2012
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. >> here's what you do if you're hsbc. you go down to the drug companies and say we're open for business. we make a lot of money doing this and if we get caught, we only give back a little bit to the government and maybe a little bit of our bonuses but maybe not. but if they catch you on the street with a little reefer in your pocket, you go to jail. this justice department, failure top to bottom. lenny brewer, the assistant in charge of the criminal division, horrendous. should be gone tomorrow. gone to really. >> cenk: preach it, brother. >> i am south raged. there you have it. >> cenk: i love that. we're going to come right back with elbow of the day. exciting issue. from financial regulation, fraud on wall street. things everyday exploding around the world that leave no shortage for exciting conversations. at the end of the show, you know what has happened, why its happened and more importantly, what's going to happen tomorrow. >> cenk: every night we ask you to guess the elbow of the day. victor wrote in oh, please, l
. >> here's what you do if you're hsbc. you go down to the drug companies and say we're open for business. we make a lot of money doing this and if we get caught, we only give back a little bit to the government and maybe a little bit of our bonuses but maybe not. but if they catch you on the street with a little reefer in your pocket, you go to jail. this justice department, failure top to bottom. lenny brewer, the assistant in charge of the criminal division, horrendous. should be gone...
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Dec 11, 2012
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government says hsbc invaded these practices. they've have been said to enabled terrorists and others to ensure bent sanctions. despite the hefty amount, this will have them avoid prosecution. this is unlikely to spell doom. >> the company is are dealing with this talking about cost- cutting measures and also stripping assets. as far as the fiscal issues are concerned, it is cover bowl. the reputation may take a little bit more time for them to get that back. >> hsbc is not the only european bank facing european money laundering charges in the united states. ing had to pay the highest bond today. credit suisse was also slapped with a stiff penalty. and the world bank of scotland, lloyd's, and barclays have also had to fork out. hsbc's $2 billion fine may seem shocking at first glance, but it only represents about one-tenth of their 2011 profits. >> the european parliament's has approved rules out aiming at cutting red tape and standardizing procedures across the eu. >> the have already given their backing to the new system which
government says hsbc invaded these practices. they've have been said to enabled terrorists and others to ensure bent sanctions. despite the hefty amount, this will have them avoid prosecution. this is unlikely to spell doom. >> the company is are dealing with this talking about cost- cutting measures and also stripping assets. as far as the fiscal issues are concerned, it is cover bowl. the reputation may take a little bit more time for them to get that back. >> hsbc is not the only...
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government didn't prosecute hsbc. that's become one of the questions. if they did all these things and you think it was willful in many cases, why weren't they prosecuted? the justice department says they are trying to turn around, and, secondly, they were worried, candidly, if they went ahead and charged hsbc with a crime, it could be a big blow in the global economy. >> pete williams, justice correspondent, thanks so much. >> yes, sir. >> stay with us. the day's "top lines" are coming up. ves you 1% cash back on all purchases, plus a 50% annual bonus. and everyone likes 50% more... [ midwestern/chicago accent ] cheddar! yeah! 50 percent more [yodeling] yodel-ay-ee-oo. 50% more flash. [ southern accent ] 50 percent more taters. that's where tots come from. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. 50% more spy stuff. what's in your wallet? this car is too small. darrell hasn't been able to visit his mom back eas
government didn't prosecute hsbc. that's become one of the questions. if they did all these things and you think it was willful in many cases, why weren't they prosecuted? the justice department says they are trying to turn around, and, secondly, they were worried, candidly, if they went ahead and charged hsbc with a crime, it could be a big blow in the global economy. >> pete williams, justice correspondent, thanks so much. >> yes, sir. >> stay with us. the day's "top...
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Dec 3, 2012
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the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for external demand especially in the united states. people here are worried about the fiscal cliff and the potential impact that it could have on american consumers as well as the factories here. eunice yun, cnbc, beijing. >> are those fears right, is the the expansion just investment-led and therefore not worth as much and that seems to be the insinuation? >> also i think china and china manufacturing has always historically been investment led anyway. much less consumer dependent than what we see maybe in europe and the u.s. but, yes, that meeting is just back into expansion territory. that's good
the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for external demand...
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hsbc was charted laundering funds for iran and mexican drug cartel. delta airlines buying a 49% stake in virgin atlantic from singapore airlines. $360 million. virgin atlantic will retain the majority 61% stake along with the brand of operating certificate. as the u.s. banks could be facing massive attacks on the websites after a group associated with islamic terrorism posted on a message board that it will be targeting jpmorgan chase, bank of america, suntrust bank. this latest from the fox business network giving you the power to prosper. ashley: three consecutive years of smaller u.s. corn harvest has driven inventories to 39 year low. spurring goldman sachs predict prices hitting near record highs. sandra smith taking a look at how you should play corn prices. in today's "the trade." sandra: got it. here's the thing to another: at thinking that agriculture is now, we are not talking about planting or in the growing season for corn, but that may be a good time to look at some of these stocks like caterpillar off of the highs of $100 per share. the
hsbc was charted laundering funds for iran and mexican drug cartel. delta airlines buying a 49% stake in virgin atlantic from singapore airlines. $360 million. virgin atlantic will retain the majority 61% stake along with the brand of operating certificate. as the u.s. banks could be facing massive attacks on the websites after a group associated with islamic terrorism posted on a message board that it will be targeting jpmorgan chase, bank of america, suntrust bank. this latest from the fox...
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more on the hsbc news conference. shareholders are getting soaked for $1.5 billion to the fed but senior executives paying any price at all? let's go to adam shapiro. >> we just had the assistant u.s. attorney general actually saying that executives at hsbc instructed criminal entities in places like iran how to break the law. not one person from hsbc, not one of those individuals in their compliance office will be prosecuted and hsbc which says in their statement and keeps getting repeated at this press conference which says they are clawing back bonuses for those individuals i ask the bank how many individuals, how much clawback and here's what they say, quote, we are not providing details beyond those included in our statement. i would emphasize this is not about certain individuals. you have the doj paying people at the bank constructing criminal entities in places like iran, libya, sudan, burma, mexico, how to break the law and nobody from hsbc will never be prosecuted and shareholders get less holdings. back to
more on the hsbc news conference. shareholders are getting soaked for $1.5 billion to the fed but senior executives paying any price at all? let's go to adam shapiro. >> we just had the assistant u.s. attorney general actually saying that executives at hsbc instructed criminal entities in places like iran how to break the law. not one person from hsbc, not one of those individuals in their compliance office will be prosecuted and hsbc which says in their statement and keeps getting...
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the bigs at hsbc admit that they laundered money for drug cartels. they allowed forbidden transactions with countries including libya and iran. but nobody is going to prison. instead the bank executives are just saying we are sorry and paying a fine. the justice department announced agreement with hsbc the biggest bank in all of europe. as part of of the deal hsbc agrees to pay $1.9 billion in fines. a lot of money certainly. but for this bank it's the equivalent of roughly seven weeks of profits. in exchange, these are among the charges that will now disappear. laundering more than $880 million in drug money. and allowing $660 million in prohibited transactions from countries including libya, cuba, burma, sudan and iran. federal prosecutors say the bankers didn't just look the other way, they actually went a step further. one occasion hsbc instructed a bank in iran on how to format payment messages so that the transactions would not be blocked or rejected by the united states. >> shepard: in other words, the bankers told the iranians how to get arou
the bigs at hsbc admit that they laundered money for drug cartels. they allowed forbidden transactions with countries including libya and iran. but nobody is going to prison. instead the bank executives are just saying we are sorry and paying a fine. the justice department announced agreement with hsbc the biggest bank in all of europe. as part of of the deal hsbc agrees to pay $1.9 billion in fines. a lot of money certainly. but for this bank it's the equivalent of roughly seven weeks of...
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hsbc crossed off $1.5 billion. does it go to any victims of this crime? there are no victims of the crime. does it pay restitution? nobody was harmed, so no restitution to be paid. here is what the government said the bank did. here's what the bank admitted to doing. engaged in money laundering outside the united states. so how does the justice department prosecute criminal activity that occurs outside the united states? if someone engages -- ashley: was a facilitated by somebody in the united states? >> of course that s the argument. but to say these people were tutored outside the united states and how to avoid disobeying the law, that is what lawyers do. they twitter clients into how to avoid disobeying the law. here is your product, here is your goal. the lawyer will tell you how to do it lawfully. if it means to business as to not to violate, everyday. if it means to trick the government, the lawyer is participating in a conspiracy. ashley: finding a way around the system. >> again, we are arguing in a vacuum because the case is always settle. not a
hsbc crossed off $1.5 billion. does it go to any victims of this crime? there are no victims of the crime. does it pay restitution? nobody was harmed, so no restitution to be paid. here is what the government said the bank did. here's what the bank admitted to doing. engaged in money laundering outside the united states. so how does the justice department prosecute criminal activity that occurs outside the united states? if someone engages -- ashley: was a facilitated by somebody in the united...
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lenny brewer said that the scale of hsbc's operation was stunning. >> at least one occasion, hsbc instructed a bank in iran on how to format payment messages so that transactions would not be blocked or rejected by the united states. lou: brewer however also defended the decision to not prosecute the bank, he said. if authorities pressed charges hsbc would almost certainly have lost its banks license here in this country which would have cost thousands of jobs, joining us now to assess this, and more, former prosecutor alease wheel, and artie idala . is -- where is the outrage that lenny brewer, already -- certainly implicated in the "fast and furious" scandal is standing there, as spokesman u.s. justice department saying they are not going to prosecute. >> you set it up not fair, you did not say, deferred prosecution. lou: i'm sorry who is going to jail. i want to get this right. >> not yet, but if they don't pay the money, if they don't -- they have 5 years of probation, at this point, so,. lou: you are right. >> brewer and the rest of the crew -- >> lisa i'm crushed. >> here is reality ch
lenny brewer said that the scale of hsbc's operation was stunning. >> at least one occasion, hsbc instructed a bank in iran on how to format payment messages so that transactions would not be blocked or rejected by the united states. lou: brewer however also defended the decision to not prosecute the bank, he said. if authorities pressed charges hsbc would almost certainly have lost its banks license here in this country which would have cost thousands of jobs, joining us now to assess...
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fox reaped out to hsbc. here is what they say, from a spokeswoman. i would emphasize this is not about certain individuals. we are accountable for what went wrong, remedying it and learning from it. they have a new c.e.o. and new people in place. they will spend $700 million to make sure their controls are in place. does that excuse what they have done? maybe not morale but financially they say and the this country and the department of justice say they are paying their dues. >>shepard: the spokesperson said this is not about individuals but the bank did not write that memo, a person had to write that memo and at the same time the bank cannot do deals with people they know are fraudulent and criminal. only people can do that. the government said they knew they had the goods and decided not to get them not because they didn't seek criminal activity, they did; they were worried about the stability of the bank. that could not haunt for you. >>guest: it could not happen for many american banks and that is one of the parts of the puzzle that is crucial to
fox reaped out to hsbc. here is what they say, from a spokeswoman. i would emphasize this is not about certain individuals. we are accountable for what went wrong, remedying it and learning from it. they have a new c.e.o. and new people in place. they will spend $700 million to make sure their controls are in place. does that excuse what they have done? maybe not morale but financially they say and the this country and the department of justice say they are paying their dues. >>shepard:...
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there's no one at hsbc that was the mastermind. policies that went on, mid level executives simply carrying what went on before. holding them to account in a way. held to money laundering, paying $2 billion. they have reformed. that's the real point. they have reformed the underlying conduct. >> all right. lanny. breuer. head of the justice department's criminal division, this is going to from this task force. we appreciate you taking the time to be with us here on cnbc. >> coming up next, the one sector that could be crushed if we go over the fiscal cliff. >>> if congress fails to extend tax cuts or to stop sequestration before the end of the year, this will result in an additional $491 billion in revenue over fiscal year 2013. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those wh
there's no one at hsbc that was the mastermind. policies that went on, mid level executives simply carrying what went on before. holding them to account in a way. held to money laundering, paying $2 billion. they have reformed. that's the real point. they have reformed the underlying conduct. >> all right. lanny. breuer. head of the justice department's criminal division, this is going to from this task force. we appreciate you taking the time to be with us here on cnbc. >> coming...
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. >>> moving on to that record fine against hsbc. the government says the british bank did business with drug lords and terrorists yet faces no criminal charges. brian ross reports. >> reporter: when the most ruthless of the mexican drug cartels wanted to hide their money, they went to hsbc. so did hamas and al qaeda, along with iran and other countries and the u.s. financial blacklist. all customers of a bank known well around the word. but given much less prominence in the announcement was a deferred prosecution agreement with hsbc, meaning there will be no prosecution of the bank or its top executives. despite more than a decade of dealing with criminals and terrorists. >> this is a very just, very real and very powerful result. >> you don't think the bank got off easy? >> no, and i don't think the bank thinks it got off easy. >> reporter: but with $38 billion in profits over just the last two years alone, hsbc can easily afford its $1.92 billion payment. >> this is a signal to other banks that if you do this kind of stuff, you'll
. >>> moving on to that record fine against hsbc. the government says the british bank did business with drug lords and terrorists yet faces no criminal charges. brian ross reports. >> reporter: when the most ruthless of the mexican drug cartels wanted to hide their money, they went to hsbc. so did hamas and al qaeda, along with iran and other countries and the u.s. financial blacklist. all customers of a bank known well around the word. but given much less prominence in the...
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bank of america and hsbc combined plan for 40,000 layoffs this year. ubs said in october it would cut 10,000 workers. all told, more than 300,000 financial industry jobs have been lost worldwide during the past two years. the bank belt-tightening is expected to continue in 2013. macs are making their way back to the u.s. apple ceo tim cook told bloomberg this week the company will begin manufacturing a line of mac computers in the u.s. most of apple's products are made in asia. factories such as foxconn, a major apple supplier, have come under heavy scrutiny for low wages and poor working conditions. cook said the company will spend $100 million on the manufacturing move in the states, but no word yet on where it will take place. in other apple news, the iphone is getting picked up by another carrier. t-mobile will begin selling the iphone next year. talks are back in the fiscal fight. according to the wall street journal, the staffs for president obama and house speaker boehner are talking again. it follows a nearly week-long silence. wednesday, the p
bank of america and hsbc combined plan for 40,000 layoffs this year. ubs said in october it would cut 10,000 workers. all told, more than 300,000 financial industry jobs have been lost worldwide during the past two years. the bank belt-tightening is expected to continue in 2013. macs are making their way back to the u.s. apple ceo tim cook told bloomberg this week the company will begin manufacturing a line of mac computers in the u.s. most of apple's products are made in asia. factories such...
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that is over just allegations that hsbc had controls in place for money laundering to places like iran and other regions where u.s. has financial sanctions there. that would be a record settlement and comes at a time when being hit about that exact issue. we'll be watching the tape for that tomorrow. >> all right. thank you very much. >>> so death to the dreaded death tax? one of our next guests says they hurt the economy more than they help and he calls them jobs killers. a heated debate on the death tax coming up here. >>> but coming up next, more republican lawmakers are saying they are open to higher tax rates on the rich if they come with spending cuts. that's a really big if. we're going to speak with one gocongressman who will lay out the spending cuts he would like to see, he needs to see in order to vote on the higher taxes. >>> and we wanted to give you a heads up on a hot slide show on cnbc.com that highlights predictions that went wrong this year. one great example, doomsday forecast that the u.s. bond market would go bust. thankfully that did not happen. quite the opposite
that is over just allegations that hsbc had controls in place for money laundering to places like iran and other regions where u.s. has financial sanctions there. that would be a record settlement and comes at a time when being hit about that exact issue. we'll be watching the tape for that tomorrow. >> all right. thank you very much. >>> so death to the dreaded death tax? one of our next guests says they hurt the economy more than they help and he calls them jobs killers. a...
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. >> hsbc, what they are accused of. in moments. you're watching "starting point." [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! >>> good morning. welcome back. i'm christine romans. minding your business. three british nationals arrested in connection with the libor rate fixing scandal. libor rate is used to set rates on loans. three arrests out of the uk right now. >>> u.s. stock futures higher. fiscal cliff talks, federal reserve meeting in washington, two drivers for investments over the next couple of days. futures holding in there for now. >>> federal and state authorities have reached a record-setting settlement with british banking giant hsbc. europe's largest lender has agreed to a staggering settlement. this is a big fine. hsbc is accused of
. >> hsbc, what they are accused of. in moments. you're watching "starting point." [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! >>> good morning. welcome back. i'm christine romans....
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hsbc admitted on tuesday its anti-money laundering measures had been inadequate. the bank agreed to pay the penalties to u.s. authorities including the justice department. the bank says it accepts responsibility for past mistakes and has beefed up its internal controls. in july, a u.s. senate report accused the bank of being involved in money transfers linked to drug deals originating in mexico. the report also said the bank settled money transactions with links to iran, a country under u.s. sanctions. >>> now, british authorities have arrested three british men. that's over their alleged connection to a rate-fixing scandal involving libor, the london interbank offered rate. the serious fraud office announced tuesday the first arrests in the case that has rocked the financial community. but officials gave no details other than the arrested men are british citizens in their 30s or 40s. 's unknown whether the suspects worked for banks or what their exact charges are. in june, the nation's financial regulators imposed a huge fine on barclays bank based in the uk for
hsbc admitted on tuesday its anti-money laundering measures had been inadequate. the bank agreed to pay the penalties to u.s. authorities including the justice department. the bank says it accepts responsibility for past mistakes and has beefed up its internal controls. in july, a u.s. senate report accused the bank of being involved in money transfers linked to drug deals originating in mexico. the report also said the bank settled money transactions with links to iran, a country under u.s....
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out and we are going to have a terrific group of people, including john cruz, the vice president of hsbc, who is the whistleblower on the $1.9 billion in fines if they just had to pay for money laundering along with middle eastern terroris. mexican drug cartels, african dictators, all of the really nice people tht they had no idea where problem. by the way, nobody going to jail will be taking that up. we will have coming up next. tracy: all right, "lou dobbs tonight" at 7:00 p.m. and :00 p.m. eastern. when we come back, how to beat the street. covering your assets with tips with picking winners on wall street. stay with us .racy: earnings season kicks off tracy: where has the time gone? earnings season kicks off in less than a month from now. here with advice on how to pick stocks for earnings, we have the author of the options handbook. before we get intoall that, why is all this uncertainty going on? we have to talk about this market has been on a tear. >> there is a big economy. there is almost and even divide in both sies of wall street. once i think that it's going to be a horrible
out and we are going to have a terrific group of people, including john cruz, the vice president of hsbc, who is the whistleblower on the $1.9 billion in fines if they just had to pay for money laundering along with middle eastern terroris. mexican drug cartels, african dictators, all of the really nice people tht they had no idea where problem. by the way, nobody going to jail will be taking that up. we will have coming up next. tracy: all right, "lou dobbs tonight" at 7:00 p.m. and...
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sanctions against some pretty bad characters and hsbc apparently didn't do that. that's the allegation of the united states government, helping transfer money for drug cart cartels, for terrorist groups, for countries we're not supposed to be doing business with overall. these sanctions around libya, myanmar, syria and mexican cartels, this is what hsbc says, wants to put the whole matter behind this. "we accept responsibility for our past mistakes, we have said we're profoundly sorry for them. the hsbc of today is a fundamentally different organization from the one that made those mistakes." they were rubber stamping transfers and one economic it any of an e-mail said "what is this, the school of low expectations banking?" this executive was appalled by some of the practices of a mexican affiliate of hsbc. let me tell you about the fine here, ted, $1.92 billion, standard chartered a fine of $667 million for some similar charges of violating u.s. sanctions on transactions with iran, burma, libya, sudan. ing bank a $619 million for covering up transfers in violatio
sanctions against some pretty bad characters and hsbc apparently didn't do that. that's the allegation of the united states government, helping transfer money for drug cart cartels, for terrorist groups, for countries we're not supposed to be doing business with overall. these sanctions around libya, myanmar, syria and mexican cartels, this is what hsbc says, wants to put the whole matter behind this. "we accept responsibility for our past mistakes, we have said we're profoundly sorry for...
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hsbc is a famously tightly run bank. obviously the people at the top had to know something was amiss. but, look, the top dog -- >> more than fines? more than $2 billion? >> i don't -- i question, very respectfully, whether or not there should be some criminal -- this is a guy watching drug money, apparently, go across the border in gigantic quantities, nothing done about it. if you or i brought a marijuana cigarette into the state of south carolina, we would be put in prison. this guy is shipping billions and he gets to pay it off with the stockholders' money. he's not out one single cent. it is all the stockholders' money. >> ben stein, appreciate your candor. thanks for coming on. >> always love being here. >> thank you. >> love being here. >>> now this, a near miss. just ahead, an asteroid passes, comes closer to earth than the moon. hmm. chad myers joins me on how close this was, calling it a close shave. >>> also an ex-marine jailed in mexico, alarming accusations now on how he's being treated and threatened. so wha
hsbc is a famously tightly run bank. obviously the people at the top had to know something was amiss. but, look, the top dog -- >> more than fines? more than $2 billion? >> i don't -- i question, very respectfully, whether or not there should be some criminal -- this is a guy watching drug money, apparently, go across the border in gigantic quantities, nothing done about it. if you or i brought a marijuana cigarette into the state of south carolina, we would be put in prison. this...
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Dec 7, 2012
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we're talking, you know, latest deal hsbc $9.4 billion sale. 15.6% stake in insurance group to thailand based investor group but we're talking about cross border when we talk about china don't forget. we focus so often on u.s. and u.s. companies. the chinese may not be doing a lot of investing for various reasons including political considerations, but they are investing around the world aggressively when it comes to resources. no deal more reflective of that than the one we are waiting for, investors in takeover space are waiting for approval if it does, i'm talking about cnooc's. we'll see if that deal is going to occur. many expect that it will. that seems to be where it is. one never knows on these important issues but again another deal, important deal adding to that very large total for m&m out of china. >> something to watch going into 2013. >>> whirlpool has had the fourth best performance on the s&p 500 so far this year. we'll talk to the ceo about his plan to expand in the united states coming up in the next hour. >>> more reaction to this morning's jobs report. it's an exclus
we're talking, you know, latest deal hsbc $9.4 billion sale. 15.6% stake in insurance group to thailand based investor group but we're talking about cross border when we talk about china don't forget. we focus so often on u.s. and u.s. companies. the chinese may not be doing a lot of investing for various reasons including political considerations, but they are investing around the world aggressively when it comes to resources. no deal more reflective of that than the one we are waiting for,...
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hsbc admitted to poor money laundering controls last summer following a u.s. senate investigation. >>> the journal reports that the settlement could be announced as early as tuesday. >>> petsmart and limited brands are the latest in a long list of u.s. companies offering special one-time payments or accelerated dividends before scheduled tax hikes in the new year. petsmart declared a special dividend of 16.5 cents a share payable to investors december 30 first. it would have been payable in february. that is the latest from the fox business network, giving you the power to prosper liz: so the robert f. kennedy center for justice and human rights is holding its annual holiday auctions. this one's amazing for business viewers. it is ending tomorrow. this year the fund-raiser is featuring a whole bunch items with financial leaders one of whom joins us right now. robert wolf is the ceo and founder of 32 advisors and formerly the head of ubs americas, and kerry kennedy is the president of the robert f. kennedy center. welcome to you both. i ran into kerry backstage
hsbc admitted to poor money laundering controls last summer following a u.s. senate investigation. >>> the journal reports that the settlement could be announced as early as tuesday. >>> petsmart and limited brands are the latest in a long list of u.s. companies offering special one-time payments or accelerated dividends before scheduled tax hikes in the new year. petsmart declared a special dividend of 16.5 cents a share payable to investors december 30 first. it would have...
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. >>> british banking giant hsbc agreed to pay $1.92 billion to settle a money laundering investigation here in the u.s. hsbc is accused of transferring billions of dollars for nations like iran doing business with firms linked to terrorism and enabling mexican drug cartels to move money illegally through u.s. subsidiaries. the settlement represents the largest pen the ever paid by a bank. >>> now pot is officially legal in colorado. people 21 and older may have up to 1 ounce of weed, smoke it, not in public and grow a small amount at home as well. the governor has created a task force to help implement the law. here's the problem. it's complicated. the federal government still says marijuana is illegal. >> rocky mountain high. i'll be the billionth person to say that. >>> countdown to double secret lift jop. the space plane is cleared to lift off at 1:05 p.m. eastern time from cape canaveral. this is an unmanned reusable mini verlgs of the space shuttle. it lifts off vertically and lands on auto pilot on a runway. no one knows what it's carrying. the cost to develop it, that is also cl
. >>> british banking giant hsbc agreed to pay $1.92 billion to settle a money laundering investigation here in the u.s. hsbc is accused of transferring billions of dollars for nations like iran doing business with firms linked to terrorism and enabling mexican drug cartels to move money illegally through u.s. subsidiaries. the settlement represents the largest pen the ever paid by a bank. >>> now pot is officially legal in colorado. people 21 and older may have up to 1 ounce...
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ing, hsbc, tried to move into the u.s. market and they tried to find ways, of course to build quickly in the u.s., acquisitions and other things. they're such big banks. are they so big they couldn't follow what the u.s. was doing, what their people in the u.s. were doing? were they able to get away with things in the u.s. not complying with u.s. law because headquarters here in europe couldn't keep control of it? that's one of the questions. the other one is, were they aggressively trying to build their business so much in the u.s. that they closed they're eyes to what was going on? that's why they're all facing fines, i think. >> thank you. >>> traditional ethiopian music meeting jazz rhythms. an artist who never touched an instrument until ten years ago. now changing the face of ethiopian music. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of i
ing, hsbc, tried to move into the u.s. market and they tried to find ways, of course to build quickly in the u.s., acquisitions and other things. they're such big banks. are they so big they couldn't follow what the u.s. was doing, what their people in the u.s. were doing? were they able to get away with things in the u.s. not complying with u.s. law because headquarters here in europe couldn't keep control of it? that's one of the questions. the other one is, were they aggressively trying to...
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Dec 21, 2012
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fines against hsbc, expensive mistakes at citi corp, jpmorgan chase cries out for real reform and real arrests of senior executives. where is the justice and where is the justice department? joining me now, dennis kelleher, president and ceo of better markets. dennis, is it fair to say that by in large, wall street and senior executives continue to get off almost scot free? >> the objective evidence proves that to be true. the real question is when is the law going to be applied to wall street like it is applied to the rest of main street and the rest of america. it is interesting, at the press conference announcing the ubs settlement of $1.5 billion the head of the criminal division said crime on wall street will not be tolerated. while he was indicting a japanese subsidiary of a swiss bank. and i know that geographically challenged they may think they're getting closer to wall street but wall street's much closer than either of those places. i can't wait for them to find it. >> eliot: i suppose some people looked at this and said at least there is a guilty plea. the litany of major c
fines against hsbc, expensive mistakes at citi corp, jpmorgan chase cries out for real reform and real arrests of senior executives. where is the justice and where is the justice department? joining me now, dennis kelleher, president and ceo of better markets. dennis, is it fair to say that by in large, wall street and senior executives continue to get off almost scot free? >> the objective evidence proves that to be true. the real question is when is the law going to be applied to wall...
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today the departments of justice and treasury announced a settlement with hsbc. the bank agreed to pay almost $2 billion in fines and penalties. it was charged with violating sanctions laws by conducting business with customers in iran, sudan, and cuba. it was also party to helping them launder almost $900 million for mexican drug cartels. at a news conference in new york city, u.s. attorney loretta lynch described some of the practices at one of the bank's mexican units. the investigation revealed that staggering amounts of cash, hundreds of thousands of u.s. dollars daily, were being deposited into h.s.b.c. mexico using boxes especially made to fit through their tellers' windows to speed the transactions. indeed it was reported to one h.s.b.c. official that h.s.b.c. mexico had received the ringing endorsement of money launderers as the place to launder money. >> woodruff: devlin barrett is covering this story for the "wall street journal," and has more details for us now. so, thank you for joining us. how much money was involved and what are some other examples
today the departments of justice and treasury announced a settlement with hsbc. the bank agreed to pay almost $2 billion in fines and penalties. it was charged with violating sanctions laws by conducting business with customers in iran, sudan, and cuba. it was also party to helping them launder almost $900 million for mexican drug cartels. at a news conference in new york city, u.s. attorney loretta lynch described some of the practices at one of the bank's mexican units. the investigation...
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charlie, is this unique only to hsbc, or is in the first domino to fall here? >> well, i mean, there may be other banks, but it follows a pattern that the justice department has used since arthur anderson following the enron scandal. they didn't want to put any more big companies out of business, so they go into these deferred prosecution agreements, today hit the bank with a big fine and then today kind of move on. what's kind of like -- what's not good about this is that if you think about it, shareholders are suffering when you had probably individual employees who committed possible crimes here. jenna: so you don't think this was a policy necessarily of the entire bank, more department-specific? >> well, there are people involved, right? i mean, i'm not saying the bank shouldn't have been dinged here, but if you think about it, the deferred prosecution agreement extends to the bank. we don't know who's involved in this. and i, as a business reporter who writes for shareholders, say i think this is kind of a bad thing. to defer the blame to all the sharehold
charlie, is this unique only to hsbc, or is in the first domino to fall here? >> well, i mean, there may be other banks, but it follows a pattern that the justice department has used since arthur anderson following the enron scandal. they didn't want to put any more big companies out of business, so they go into these deferred prosecution agreements, today hit the bank with a big fine and then today kind of move on. what's kind of like -- what's not good about this is that if you think...
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. >>> hsbc is about to pay up the biggest penalty ever imposed on the banks. mandy drury is here. mandy, the british banking giant going to pay a whopping $1.9 billion. what, they're making this money laundering probe go away? >> it's very interesting decision, actual ily, what came out of this, chris, because given the extent of evidence against hhbc, they are see ing there is the better of two evils. maybe you can call it a healthy compromise between a settlement and also a much harsher money laundering indictment. obviously this might hurt the bank's reputation but hopefully not a whole lot more than that because at the end of the day a harsher indictment would have sparked concerns that criminal charges could jeopardize what is one of the world's largest banks and therefore destabilize the global financial system. i guess you could call this maybe a case of has it become too big to indict. instead it just got the record $1.92 billion settlement. >> a big star is making a deal apparently with pepsi. so i think pretty soon when you go to drink your can of pepsi you will actually
. >>> hsbc is about to pay up the biggest penalty ever imposed on the banks. mandy drury is here. mandy, the british banking giant going to pay a whopping $1.9 billion. what, they're making this money laundering probe go away? >> it's very interesting decision, actual ily, what came out of this, chris, because given the extent of evidence against hhbc, they are see ing there is the better of two evils. maybe you can call it a healthy compromise between a settlement and also a...
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it was hsbc providing support for this market. generally, the tone wasn't all that great in either of these markets. this was largely on the back of the chinese banks. the big four. to get their balance sheets in order for tougher regulations next year. the shanghai composite has rallied about 9% since the beginning of december, but really, it's not enough to pull it out of the plays of the one of the worst performing indexes in asia. it is still on track for a third year of losses, a three-year bear market in china while growth has been, what, over 8%? pretty amazing there. let's move on to australia. we did see some gains. the s&p asx 200 hovering near its seven-month high. the miners gave up some gains today, but we did see some positively -- and this is despite wayne swan, treasurerer, saying they are likely to deliver a budget surplus tore this year. the asx 200 still moving up. the asx in india still down by a quarter of a percent. a mixed bag here. >> thank you very much this morning. now let's check in on markets -- we did
it was hsbc providing support for this market. generally, the tone wasn't all that great in either of these markets. this was largely on the back of the chinese banks. the big four. to get their balance sheets in order for tougher regulations next year. the shanghai composite has rallied about 9% since the beginning of december, but really, it's not enough to pull it out of the plays of the one of the worst performing indexes in asia. it is still on track for a third year of losses, a...
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hsbc's manufacturing purchasing index came in at 55 in november. it separates expansion from contraction. and the latest twilight film was number one at the weekend box office for the thrt straid straight weekend. it took in $17.4 million in sales. that barely edged out "skyfall." >> that's a lot of money for "twilight." >> it's been a while. >> it's enough money, they all need acting lessons. every one of the actors in that movie, send them to acting sales. >> you loved the film. >> i didn't see the latest -- do you think i saw the latest one? that's insulting to me. it's a game of political chicken. the white house says republicans should come clean about how much they're willing to raise tax rates on the rich. republicans counter saying the president's plan is a joke that avoids tough decisions. we're looking to rise above the partisan politics and get a deal done. our guest hosts are looking to do the same. david walker is the ceo of the comeback initiative and steve mcmahon is a democratic strategist and co-founder of purple strategies. as you
hsbc's manufacturing purchasing index came in at 55 in november. it separates expansion from contraction. and the latest twilight film was number one at the weekend box office for the thrt straid straight weekend. it took in $17.4 million in sales. that barely edged out "skyfall." >> that's a lot of money for "twilight." >> it's been a while. >> it's enough money, they all need acting lessons. every one of the actors in that movie, send them to acting...
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hsbc banks reaches a settlement. this is a huge dollar figure. >> the british bank agreed to pay a record 1.9 billion to settle a multi year investigation of how it ignored red flags of money laundering by mexican drug cartels and allowed transfers from iran and sudan which are under investigation. they have become a top priority for u.s. law enforcement. in a separate case another british bank agreed to settle their investigation with the $340 million settlement. the numbers are adding up. >> they are on top of things they have huge legal departments that look at this. >> jobs for 2013. >> these occupations experienced the strongest growth since 2010. software developers topping the list. make about $45 an hour. they have been popular over the last few years creating 70,000 positions. you have accountant, market research and computer analyst, hr specialist, computer systems administrator, sales rep and web developers. those are very promising careers for the new year. >> a lot of computer related stuff. >> thank you
hsbc banks reaches a settlement. this is a huge dollar figure. >> the british bank agreed to pay a record 1.9 billion to settle a multi year investigation of how it ignored red flags of money laundering by mexican drug cartels and allowed transfers from iran and sudan which are under investigation. they have become a top priority for u.s. law enforcement. in a separate case another british bank agreed to settle their investigation with the $340 million settlement. the numbers are adding...
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and hsbc reportedly might pay a fine of $1.8 billion as part of a settlement with u.s. law enforcement agencies. the settlement could be announced as soon as next week and has to do with money laundering lapses. the deal could be a test case for just how big a signal prosecutors want to send to halt the list of flows of money through u.s. banks. but that was billion with a b. let's get a check on the markets this morning. after the moves we saw yesterday, the dow up triple digits at one point. that the poebts you can see that the futures are indicated higher once again after it closed up about 85. in europe, right now at least there are some green arrows. best performer among those three indexes is the dax in germany. up 75. you also see gains with the cac in france and the ftse in london. in asia overnight, you did see slight drop by the hang seng and shanghai, those were big gainers the day before. and in japan, the nikkei up by 0.8%, kospi up 1%. oil prices this morning are trading up about 28 cents, 88.16. the ten year note this morning is sitting right at 1.85%. yo
and hsbc reportedly might pay a fine of $1.8 billion as part of a settlement with u.s. law enforcement agencies. the settlement could be announced as soon as next week and has to do with money laundering lapses. the deal could be a test case for just how big a signal prosecutors want to send to halt the list of flows of money through u.s. banks. but that was billion with a b. let's get a check on the markets this morning. after the moves we saw yesterday, the dow up triple digits at one point....
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Dec 14, 2012
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holder facing harsh criticism from a top republican after failing to pursue criminal charges against hsbc. the bank admits laundering money from iran, libya and myanmar. chuck grassley calls the lack of charges a declaration that "crime does pay." the justice department did not comment but defends its nearly $2 billion settlement with the bank. >>> two massachusetts costco workers are splitting a $50 million powerball prize. rosa deleon buys two tickets every day and shares them with her co-worker reginald. on wednesday the tickets finally paid off. the two will each get $11 million after taxes. congratulations to them. very lucky. >>> there is a machine that could one day be used to make homemade guns, not only that, it could make plastic guns that a metal detector won't find. you can believe some people are worried about it. here is joe johns with more. >> reporter: in the this northern virginia gun store you can buy all sorts of weapons but what if you could make weapons in your own home using a three-dimensional printer. sounds like science fiction but to some it's not far-fetched. >>
holder facing harsh criticism from a top republican after failing to pursue criminal charges against hsbc. the bank admits laundering money from iran, libya and myanmar. chuck grassley calls the lack of charges a declaration that "crime does pay." the justice department did not comment but defends its nearly $2 billion settlement with the bank. >>> two massachusetts costco workers are splitting a $50 million powerball prize. rosa deleon buys two tickets every day and shares...
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hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg et gains, the way back in may two 2. joining us for the first part of the program, nick khar. thanks for joining us. xetra dax up 52 week highs. which is sort of interesting in several. >> nokia down 9% over the last five years. and i guess the apple story if you're a bear is a potential nokia story, a story about a company that is dominating its space at the moment, but priced for perfection. so who knows if there is a disappoint coming. but if there is, there's not much margin for error. gr it all depends on whether we'll be buying other products other than apple in five years time. >> it's a very rap
hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg...
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the best performer on the s&p 500 today, up 8.4%, moving higher on those numbers out of china, the hsbc manufacturing index strongest in 18 months. however, down from the previous month. new export activity fell because of this weak demand. so, the big question, will the momentum continue? this stock actually the worst performer on the s&p 500 for the year. >> wow. the worst, but at the same time, we're seeing iron ore prices, huge fourth quarter. >> closed at $140 today. they were at $86 eight weeks ago. people were pricing in death and destruction for coke and coal. the cliffs are 92% coke and coal, iron ore. this is an impressive stock to look at because this is a barometer. we broke through major levels on this stock today. i think it goes higher. i think the other guys in the space go higher. >> the only problem, though, tim, is that cliffs was lagging iron ore prices. we spoke about it in september, it was down to $85, $86. now it looks like -- i'm talking about iron ore. it looks like it's hitting a wall. clutches did lag. i feel like it had too big of a move. >> iron ore prices
the best performer on the s&p 500 today, up 8.4%, moving higher on those numbers out of china, the hsbc manufacturing index strongest in 18 months. however, down from the previous month. new export activity fell because of this weak demand. so, the big question, will the momentum continue? this stock actually the worst performer on the s&p 500 for the year. >> wow. the worst, but at the same time, we're seeing iron ore prices, huge fourth quarter. >> closed at $140 today....
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one thing we do want to note, hsbc had its rating cut from double a minus to double a. abercrombie & fitch, open humor out with a notice saying the retailer looks to the markets over the holidays. s intermec is looking to be up in 2013. jim, back to you. >> let's shift to the bonds and dollars. >> you know, looking at the ten-year, seeing it hovering around 160, is about as shocking as the sun coming up in the morning. but nonetheless, last week on interday trades, looked like we were going to close in the high 150s, which would have taken us back many more months. you can see the closing yield chart, going back all the way to august 1st. now, look at boon yields. political issues. you can have the best-laid plans by central banks in the end. ballot boxes, politics, it can get messy. think about what's going on here. now, if we look at the boon going back to august 1st, it's a differe bit of a different pattern. it is hovering at the lowest yields. it did close below yields since august. if we switch gears a bit, move a little bit around europe, everybody's talking abou
one thing we do want to note, hsbc had its rating cut from double a minus to double a. abercrombie & fitch, open humor out with a notice saying the retailer looks to the markets over the holidays. s intermec is looking to be up in 2013. jim, back to you. >> let's shift to the bonds and dollars. >> you know, looking at the ten-year, seeing it hovering around 160, is about as shocking as the sun coming up in the morning. but nonetheless, last week on interday trades, looked like...
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hsbc agreed to pay 1.89 billion to settle a money laundering case. it is for nations like iran and enabled mexican drug cartels to move money loolly through the american subsidaries. are you ready for some country? ♪ ♪ wrecked my heart. ♪ i should never let go. ♪ the one that good away. >> gretchen: the american country award kicked off in vegas. luke bryant took home nine awards including artist of the year. >> country music. we get to do what we love and for people who are honest and hard working and beautiful people thoo support great music. >> he went on to do the right thing thanking his wife and band and all of the fans and those are your headlines. >> steve: very nice. michigan is poised later today to pass landmark legislation. big labor is furous and marshalling the troops. if you were at the afo head quart ares in michigan, you would have seen cars with license plates from georgia, minnesota and ohio and illinois and they are angry that the people of the great state of the michigan will soon get a choice in whether or not to join a
hsbc agreed to pay 1.89 billion to settle a money laundering case. it is for nations like iran and enabled mexican drug cartels to move money loolly through the american subsidaries. are you ready for some country? ♪ ♪ wrecked my heart. ♪ i should never let go. ♪ the one that good away. >> gretchen: the american country award kicked off in vegas. luke bryant took home nine awards including artist of the year. >> country music. we get to do what we love and for people who are...
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according to hsbc in 2000 mexican workers earned nearly five times the salary of their chinese peers. but by 2011, mexican workers were only about a third more expensive than chinese workers. when you project all these advantages into the next few years, mexico's economic future looks robust. the national intelligence council released an important report called "global trends 2030" one trend it looks at is how demographic changes will shape the world. countries with younger, more dynamic populations will grow faster. while the median age in mexico will be 30, 40, japan's median age will hit 52. america actually has an advantage here at 39. our median age will only be five years older than that of mexico's. trends don't ensure particular outcome, but it's clear that contrary to its global image, mexico's economy has momentum. it will be among the world's top ten economies by the end of this decade. smart reforms can build it further. the irony is that one possible impediment to mexico's growth could be the very country that is its biggest asset, the united states. if we slow down, so w
according to hsbc in 2000 mexican workers earned nearly five times the salary of their chinese peers. but by 2011, mexican workers were only about a third more expensive than chinese workers. when you project all these advantages into the next few years, mexico's economic future looks robust. the national intelligence council released an important report called "global trends 2030" one trend it looks at is how demographic changes will shape the world. countries with younger, more...